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- If the bulls gain strength, XRP could see a 14% increase, reaching $0.55, the upper boundary of its current range.
- XRP has surpassed 10 million XRP pooled in the XRPL AMM, indicating significant adoption in DeFi.
- Despite market downturns, XRP attracted $0.7 million in inflows, suggesting resilience.
If the bulls regain their momentum, XRP could experience a notable 14% surge, climbing to $0.55, which marks the upper boundary of its current trading range.
Recently, XRP achieved a milestone in the DeFi market. The total amount of XRP pooled in the XRPL Automated Market Maker (AMM) has exceeded 10 million XRP. This achievement underscores the increasing adoption and use of XRP within DeFi.
On the XRP Ledger, a central limit order book (CLOB) manages all transactions involving fungible tokens. This feature, integral to the XRPL since its inception, offers advantages like fewer trust assumptions and centralized liquidity, mitigating some vulnerabilities associated with smart contracts. Additionally, the protocol introduced an AMM in Q1 2024, in accordance with the XLS-30 standard.
The increase in XRP locked in AMM pools to 10 million XRP signifies strong engagement with the XRPL’s infrastructure. As the amount of pooled XRP in the XRPL AMM grows, it could attract more participants to the XRP Ledger, fostering innovation, new financial products, and a more robust DeFi environment.
In other news, digital asset investment products have faced $584 million in outflows for the second consecutive week, totaling $1.2 billion. Bitcoin experienced the majority of these outflows, amounting to $630 million. In contrast, XRP saw $0.7 million in inflows, suggesting that investors view the current downturn in the altcoin market as a buying opportunity.
At present, XRP is trading at $0.476, down 1.47% over the last 24 hours, reflecting the broader market downturn driven by macroeconomic uncertainty and concerns over additional selling pressure following the latest announcement from Mt. Gox.